SAIF Partners, a private equity fund, bought over a million shares of Speciality Restaurants on Wednesday. The seller was Anjan Chatterjee, CEO of the fine-dining chain. The shares were sold at Rs 135 a piece, netting Chatterjee Rs 14 crore, according to bulk data from the National Stock Exchange. In December, SAIF Partners had picked up 3.2 per cent from Glix Securities. The promoters hold 60.60 per cent in the company. The stock closed at Rs 142 on Friday - still trading slightly below the initial public offering (IPO) price band of Rs 146-154.
Low volumes, high volatility?
With the stock market closed for five days - from October 2 to October 6 - market players expect low volumes and high volatility in the market this week. The reason: Instead of Friday, the settlement will be on Wednesday. Even though there is at least one key event - the Reserve Bank of India's monetary policy - traders might not be too aggressive during the week as the global markets will be open on Thursday, Friday and Monday and any major event might adversely impact excessive bullish or bearish positions in the domestic market.
HDFC MF buy pushes Sharda Cropchem
Mumbai-based Sharda Cropchem received a grand welcome on the stock market. The company, which listed on Tuesday surged 76 per cent on the very first day. The enthusiasm continued during the week as HDFC Mutual Fund bought 1.8 million shares of the company in two trades on Wednesday and Thursday at an average price of Rs 252. The company's issue price was Rs 156. This is the second stock in the past three weeks which has seen exceptional investor enthusiasm. Snowman Logistics, too, had seen strong investor demand in the open market from both marquee investors and mutual fund houses.
